sebi:PKK/AO/193-199/2011
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Facts / Headnote
Penalty imposed on the Noticees for failure to comply with SEBI directions
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 10
Parties
- Mr. Prasad Tandel
- Mr. Prakash D' Souza
- Mr. Prashant Narvekar
- Mr. Ashok Sonu Bhagat
- M/s. Sicorp Finlease Ltd.
- Ms. Sandhya Shirish Shah
- Ms. Pravina Chandrakant Shah
Holding
The Noticees failed to comply with SEBI's directions dated August 18, 2010 and October 05, 2010 requiring them to make a public announcement to shareholders of G-Tech Info Training Ltd. within 45 days, constituting a contravention of Section 15HB of the SEBI Act, and a penalty of Rs. 1,00,00,000/- was imposed jointly and severally on the Noticees.
Full text
Page 2 of 7 Pravina Chandrakant Shah (hereinafter collectively referred to as the ‘Noticees’) to make public announcement to the shareholders of G-Tech Info Training Ltd. (Target Company) within 45 days of the date of the said order, in terms of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (SAST Regulations). SEBI has also directed the Noticees to pay interest @10% per annum on the offer price or the loss of interest caused to the shareholders for the period of delay. The Noticees allegedly failed to carry out the directions issued to them under said orders.
Page 3 of 7 4. The Noticees had not submitted any reply to the SCN. In the absence of any reply from the Noticees, the AO considered the facts of the case and other materials available on record and decided to conduct an inquiry in the matter.
Page 4 of 7 c) If so, what should be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of SEBI Act, 1992?
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Source: SecMarx — sebi:PKK/AO/193-199/2011. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.